India services growth at 11-year high in May but input inflation at record: PMI Survey2 min read 03 Jun 2022, 10:35 AM IST
The S&P Global India Services Purchasing Managers' Index rose to 58.9 in May from 57.9 in April, its highest since April 2011 and comfortably beating the Reuters poll expectation of 57.5.
The growth in India's dominant services continued to grow in May, expanding at the fastest pace in 11 years in May on strong demand and new orders, but inflationary pressures touched new highs, according to a private survey. The S&P Global India Services Purchasing Managers' Index rose to 58.9 in May from 57.9 in April, its highest since April 2011. The 50-mark separates growth from contraction. The May expansion was the longest streak of growth since 12 months of growth between June 2018 and May 2019.
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